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State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov
A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D.
Economic Report TM
Volume 2, Issue 12 • December 20, 2012
Oklahoma
News and analysis of Oklahoma’s economy
Inside
SEE WISH LIST PAGE 3
• Commentary by Senate
President Pro Tempore Brian
Bingman: Fixing a broken
system
• Another potential victim of the
fiscal cliff: Tax-exempt bonds
• November treasury receipts dip
slightly
• Comparing gross receipts and
the General Revenue Fund
• Economic Indicators
Contributor
Regina Birchum, Deputy Treasurer
for Policy
Editor
Tim Allen, Deputy Treasurer for
Communications
With the advent of each legislative
session loom many proposals both large
and small; some bold and some less so,
but all usually accompanied by funding
requests.
There will be noble causes found in
the thousands of bills filed this session.
Surely the road to big government was
paved with good intentions. But in
Oklahoma, as with any legislative body,
the biggest challenge is funding a budget
that taxpayers can afford.
Policymakers learned this week there
will be a slight increase in funds
available for next year’s budget. This
news brings pressure from agencies
to restore budgets to pre-recession
levels. But after several years of crisis
budget management, the rosier revenue
projection presents another opportunity
to reset budget practices, reform the
state’s tax code, and make long-term
investments.
The budget process has long been in
need of improvement, with some fixes
more difficult than others. Refinements
like reducing the number of dedicated
funding streams siphoned to many
sources outside of the appropriations
process will prove difficult, but stopping
dependence on non-recurring funds to
All I want for session is . . .
What a difference a couple of years make!
Following one of the deepest ever recessions, Oklahoma has emerged with
one of the strongest recoveries in the nation. Throughout 2012 our state has
consistently been ranked in the top 10 in productivity, income, manufacturing
and job growth.
Our people and their government are doing more than fine, but there is no
limit to what we can accomplish working together to reach new heights.
Oklahoma can truly be the shining state on the prairie to light the path
for others to follow. As we close this year enjoying the holiday season
with friends and family, let us give thanks for our past successes while we
enthusiastically embrace our new challenges and opportunities.
From all of us in the Oklahoma treasury, Merry Christmas and Happy New
Year! And may God continue to bless us all.
Merry Christmas from the Treasurer
pay for recurring expenses should be
easier.
With revenues returning to pre-recession
levels, weaning the budget from non-recurring
funds should not prove as
difficult as it would in times of fiscal
stress.
Tighten spending limit
Another simple improvement to
constrain government spending is to
cut in half the state’s constitutional
spending limit. Put in place in 1985 to
limit government spending to no more

State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov
A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D.
Economic Report TM
Volume 2, Issue 12 • December 20, 2012
Oklahoma
News and analysis of Oklahoma’s economy
Inside
SEE WISH LIST PAGE 3
• Commentary by Senate
President Pro Tempore Brian
Bingman: Fixing a broken
system
• Another potential victim of the
fiscal cliff: Tax-exempt bonds
• November treasury receipts dip
slightly
• Comparing gross receipts and
the General Revenue Fund
• Economic Indicators
Contributor
Regina Birchum, Deputy Treasurer
for Policy
Editor
Tim Allen, Deputy Treasurer for
Communications
With the advent of each legislative
session loom many proposals both large
and small; some bold and some less so,
but all usually accompanied by funding
requests.
There will be noble causes found in
the thousands of bills filed this session.
Surely the road to big government was
paved with good intentions. But in
Oklahoma, as with any legislative body,
the biggest challenge is funding a budget
that taxpayers can afford.
Policymakers learned this week there
will be a slight increase in funds
available for next year’s budget. This
news brings pressure from agencies
to restore budgets to pre-recession
levels. But after several years of crisis
budget management, the rosier revenue
projection presents another opportunity
to reset budget practices, reform the
state’s tax code, and make long-term
investments.
The budget process has long been in
need of improvement, with some fixes
more difficult than others. Refinements
like reducing the number of dedicated
funding streams siphoned to many
sources outside of the appropriations
process will prove difficult, but stopping
dependence on non-recurring funds to
All I want for session is . . .
What a difference a couple of years make!
Following one of the deepest ever recessions, Oklahoma has emerged with
one of the strongest recoveries in the nation. Throughout 2012 our state has
consistently been ranked in the top 10 in productivity, income, manufacturing
and job growth.
Our people and their government are doing more than fine, but there is no
limit to what we can accomplish working together to reach new heights.
Oklahoma can truly be the shining state on the prairie to light the path
for others to follow. As we close this year enjoying the holiday season
with friends and family, let us give thanks for our past successes while we
enthusiastically embrace our new challenges and opportunities.
From all of us in the Oklahoma treasury, Merry Christmas and Happy New
Year! And may God continue to bless us all.
Merry Christmas from the Treasurer
pay for recurring expenses should be
easier.
With revenues returning to pre-recession
levels, weaning the budget from non-recurring
funds should not prove as
difficult as it would in times of fiscal
stress.
Tighten spending limit
Another simple improvement to
constrain government spending is to
cut in half the state’s constitutional
spending limit. Put in place in 1985 to
limit government spending to no more